Investec's Martin Deboo said: "We see the surprise change of leadership as unhelpful to Premier's stability and organic growth prospects.

"With its financial restructuring complete, we think that consistency and longevity of leadership was going to be critical to its prosperity."

But the company's chairman David Beever said he was "delighted" by Mr Darby's appointment, adding that his consumer goods background and management track record "make him the ideal candidate to lead the company".

Mr Darby said he was excited to be taking on the role.

"Although markets remain difficult, I look forward to working with the team to develop and grow the company's power brands in the coming years," he said.

At 4pm, shares in Premier Foods - which owns a host of well-known brands including Hovis and Oxo - were down by 10.3%.